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MAS consults on AML/CFT rule changes to explicitly include proliferation financing in risk assessments, align with FATF standards, and clarify STR filing expectations

April 8, 2025

MAS consults on amendments to AML/CFT Notices to explicitly include proliferation financing (PF) in money laundering risk assessments and align trustee-related rules with revised FATF standards. It also proposes updates to AML/CFT Guidelines to clarify supervisory expectations and improve the timeliness of suspicious transaction reporting.

AUSTRAC releases new e-learning module on Quality Reporting: Threshold Transaction Reports to enhance reporting accuracy and strengthen AML/CTF compliance

March 31, 2025

This module will help you submit good-quality threshold transaction reports, adhere to best practice and avoid common mistakes. It joins the existing AUSTRAC e-learning suite, designed to increase your understanding of AML/CTF regulations and your compliance obligations…

AUSTRAC warns Crypto ATM providers over weak AML/CTF controls and inadequate due diligence checks, citing growing risks of ML and fraud linked to their use

March 31, 2025

In December, AUSTRAC CEO Brendan Thomas launched an internal taskforce to tackle money laundering and terrorism financing risks linked to crypto ATMs. The taskforce has since engaged with businesses, uncovering concerning trends and potential links to scams and fraud…

MAS proposes a regulatory framework for Single-Currency Stablecoins (SCS), focusing on reserve backing, capital requirements, and transparency, aligned with global cryptoasset standards

March 27, 2025

MAS consults on regulatory measures for stablecoins, emphasizing reserve asset quality, due diligence, and risk management, particularly for Group 1b cryptoassets. The consultation also proposes restrictions on retail investor access to AT1 and Tier 2 capital instruments, alongside amendments to relevant MAS Notices, aligning with global prudential standards for cryptoasset exposures.

Saudi Arabia enforces new UBO rules from 3 Apr 25, requiring most companies to disclose their UBOs to combat financial crime, bolster AML efforts, and align with global standards

March 26, 2025

Saudi Arabia is taking a significant step towards enhancing corporate transparency with the introduction of new Ultimate Beneficial Ownership (UBO) Rules. Effective from April 3, 2025, these rules mandate most companies to disclose their UBOs to the Ministry of Commerce…

INTERPOL’s Operation Red Card busts major cyber-fraud networks across Africa, exposing banking, investment, and msg app scams, and revealing links to human trafficking and digital asset laundering

March 24, 2025

Interpol is not only broadening its focus on cyber-enabled financial scams but also taking decisive action through a coordinated, international investigation. It highlights the significance of dismantling cybercrime networks that exploit financial systems and digital platforms. The inclusion of “cross-border” emphasizes the international nature of the operation, reinforcing the global effort to combat financial crime…

GII assesses Ghana’s progress in BO transparency, noting legal advances but highlighting challenges like limited public access, inconsistent definitions, and enforcement gaps

March 20, 2025

Illicit financial flows drain Africa’s resources, undermining public services and economic growth. Ghana is tackling this through beneficial ownership transparency, with key legal reforms in place, but challenges in access, enforcement, and consistency remain…

MENAFATF praises Egypt for key AML/CFT advancements, such as expanding DNFBP definitions, tackling virtual asset risks, and implementing a system to identify unlicensed MVTS

March 20, 2025

Egypt has made significant progress in meeting FATF recommendations, achieving “Compliant” ratings for Recommendations 23 and 14, and “Largely Compliant” ratings for Recommendations 22 and 15, addressing key AML/CFT requirements but facing some gaps in supervision and international cooperation…

New Zealand’s FIU National Risk Assessment 2024 highlights current ML/TF risks, including major threats such as fraud, drug-related crime, and tax evasion, while also identifying vulnerable sectors

March 17, 2025

It highlights the vulnerability of sectors like financial institutions, real estate, and legal services to exploitation by criminals. The report also calls for enhanced vigilance and stronger compliance measures across these industries to effectively combat illicit activities and improve the country’s AML/CFT framework…

GIABA commends Sierra Leone for strengthening its AML/CFT laws, resulting in several re-ratings, but notes that gaps remain in addressing WMD financing

March 16, 2025

Sierra Leone’s new AML/CFT/PF Act 2024 addresses key deficiencies, improving compliance with FATF standards and earning re-ratings on multiple recommendations. However, progress on Recommendation 7 remains insufficient for an upgrade, signalling areas for further improvements…

GIABA notes Nigeria’s improved technical compliance with FATF Rec. 24, 25, 28, and 32 but urges stronger PEPs monitoring, and enhanced international enforcement cooperation

March 16, 2025

While improvements made by Nigeria have been recognised with respect to Recommendations 22 and 23, they remain insufficient for an upgrade. GIABA acknowledges these advancements, but further efforts are needed to fully align with FATF standards…

UNODC’s Afghanistan Drug Insights reveal that opium prices have reached historic highs, boosting profits for large-scale traffickers, despite a decline in trafficking activities

March 12, 2025

Opiate trafficking has dropped, but high prices sustain massive profits for organised crime. Stockpiles could meet global demand until 2027, raising concerns over economic instability and a potential shift to synthetic opioids…

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